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They were studying the snow forecasts in Davos on Friday. But the 3,000 bankers and CEOs who had flown to the Swiss ski resort for the annual gathering of the global business elite were not interested in what conditions would be like on the slopes this weekend. Rather, they were focused on the monster blizzard stalking the US.

Barclays and Deutsche Bank, both in the midst of overhauling their investment-banking operations, are facing an even tougher slog to boost profitability as market turbulence threatens to undermine revenue.

Deutsche Bank sought to throw out allegations of wrongdoing by 'senior individuals' at the bank that are part of a London employment lawsuit filed by a trader fired over her involvement in Libor manipulation.